In the table below, Quarter 1 represents the time period from Jan 1, 2016 to March 31st 2016 and Quarter 2 represents the time period from April 1st 2016 to June 30 2016. It began its operations on Jan 1, 2016 with no inventory. Purchases and Sales for the first 2 quarters are shown below:
Quarter 1: Sales 26,000 cartons @ $37 a carton
5,000 cartons @ $12 in Jan
Purchases 10,000 cartons @ $16 in Feb
15,000 cartons @ $18 in March
Quarter 2: Sales 63,000 cartons @ $45 a carton
Purchases 16,000 cartons @ 20 in April
18,000 cartons @ 24 in May
26,000 cartons @ 30 in June
Calculate the Quarter 2 ending inventories ( in dollars) using the LIFO inventory method
Calculate Quarter 2 Gross Profit using LIFO method
Calculate Quarter 2 ending inventories ( in dollars) using the FIFO method
Calculate the Quarter 2 Gross Profit using the FIFO method